Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

Holiday charities 2014

This month we talked with a bunch of people about holiday gifts, both giving and getting . And one of the questions was about favorite... (more)

Springwood Studios

Troy woodworker Jim Lewis has a spiritual and emotional connection to his work. The self-taught craftsman has created furniture, liturgical pieces for churches around the... (more)

Crisan to close cafe

Sad news for Lark Street today: Crisan, the bakery that has become part of the neighborhood fabric over the last six years, will be closing... (more)

The Airing of Grievances 2014

Once again we're celebrating Festivus with a traditional Airing of Grievances. So, what are your small annoyances, complaints, or frustrations? Gather round the unadorned aluminum... (more)

Morning Blend

On Friday Tiffany VanAlstyne -- the 19-year-old cousin of Kenneth White -- was charged with second-degree murder for the death of the 5-year-old boy. Authorities... (more)

Recent Comments

The ones I got from Gershon's were very good. I enjoyed them immensely and appreciated not having to make them.

The Airing of Grievances 2014

...has 26 comments, most recently from Tara

Crisan to close cafe

...has 8 comments, most recently from anthony

Holiday gifts: Daniel B.

...has 1 comment, most recently from Debra

The Time Warner Cable Yule Log: now in 3D

...has 3 comments, most recently from Steve

Good sledding hills?

...has 8 comments, most recently from Erika F